CAPITAL STOCK

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

CAPITAL STOCK

CAPITAL STOCK

Net Income (Loss) per Common Share

A reconciliation of the components of basic and diluted net income (loss) per common share for the quarters ended March 31, 2019 and 2018, is presented in the table below.

 

	For the Quarter Ended March 31,
	2019							2018
	Loss			Shares	Per Share			Income		Shares	Per Share
	(In millions, except per share amounts)
Basic:
Income (loss) attributable to common stock	$	(47	)	376	$	(0.12	)	$	145	382	$	0.38
Effect of Dilutive Securities:
Stock options and other	$	—		—	$	—		$	—	2	$	—
Diluted:
Income (loss) attributable to common stock	$	(47	)	376	$	(0.12	)	$	145	384	$	0.38

The diluted earnings per share calculation excludes options and restricted stock units that were anti-dilutive totaling 5.5 million and 6.7 million for the quarters ended March 31, 2019 and 2018, respectively.

Common Stock Dividends

For the quarters ended March 31, 2019, and 2018, Apache paid $94 million and $95 million, respectively, in dividends on its common stock.

Stock Repurchase Program

In 2013 and 2014, Apache’s Board of Directors authorized the purchase of up to 40 million shares of the Company’s common stock. Shares may be purchased from time to time either in the open market or through privately negotiated transactions. The Company initiated the buyback program on June 10, 2013, and through March 31, 2019, had repurchased a total of 40 million shares at an average price of $79.18 per share. During the fourth quarter of 2018, the Company’s Board of Directors authorized the purchase of up to 40 million additional shares of the Company’s common stock. The Company is not obligated to acquire any specific number of shares and has not purchased any shares during 2019.